PHILADELPHIA--(EON: Enhanced Online News)--Philly Shipyard, Inc. (PSI), the wholly-owned U.S. subsidiary of Philly
Shipyard ASA (Oslo: PHLY), held a ceremonial Keel Laying today for the
second product tanker in a four vessel order for American Petroleum
Tankers (APT), a Kinder Morgan, Inc. subsidiary.

“With
shipbuilding milestones like Keel Laying and facility milestones like
the opening of our Training Academy, we continue to propel our
organization into the future. Both are significant milestones in the
plan to maintain our position as both a premier shipyard and employer.”

Keeping with long held shipbuilding tradition, coins were placed on one
of the keel blocks before the 650 ton unit was lowered into place in the
dry dock. Representatives from Philly Shipyard and Kinder Morgan were in
attendance to place the coins as a sign of good fortune and safe
travels. Philly Shipyard representatives included the most recent
recipients of the company’s “Safety Team of the Quarter” award, who were
recognized for exemplifying safe operation during the first quarter of
2016.

Later this month, PSI will also celebrate the grand opening of a new
Training Academy. Philly Shipyard has invested in the academy as part of
a strategy to grow and develop its workforce. The academy will provide
customized training for all levels of production personnel, ranging from
new hires to experienced shipbuilders. The facility will also be home to
the shipyard’s widely respected apprentice program.

Steinar Nerbovik, Philly Shipyard’s President and CEO, remarked, “With
shipbuilding milestones like Keel Laying and facility milestones like
the opening of our Training Academy, we continue to propel our
organization into the future. Both are significant milestones in the
plan to maintain our position as both a premier shipyard and employer.”

When completed in 2017, the product tanker celebrated today will be 600
feet long and capable of carrying 50,000 tons of crude oil or refined
petroleum products. The Tier II 50,000 dead weight ton (dwt) product
tankers are based on a proven Hyundai Mipo Dockyards (HMD) design which
incorporates numerous fuel efficiency features, flexible cargo
capability and the latest regulatory requirements. The vessels will be
constructed with consideration for the use of LNG for propulsion in the
future.

Philly Shipyard has delivered 23 ships in its 17 year history. The four
product tankers for APT are currently under construction and have
planned deliveries in 2016 and 2017. Also under construction at the
shipyard is one 50,000 dwt product tanker for Crowley Maritime
Corporation with a planned delivery during Q3 2016 and two 3,600 TEU
containerships for Matson Navigation Company, Inc. with planned
deliveries in Q3 2018 and Q1 2019. For more information on the shipyard
and its projects, please visit www.phillyshipyard.com.

Kinder Morgan, Inc. (NYSE: KMI) is the largest energy infrastructure
company in North America. It owns an interest in or operates
approximately 84,000 miles of pipelines and approximately 165 terminals.
The company’s pipelines transport natural gas, gasoline, crude oil, CO2
and other products, and its terminals store petroleum products and
chemicals, and handle bulk materials like coal and petroleum coke. For
more information please visit www.kindermorgan.com.

Philly Shipyard is a leading U.S. commercial shipyard constructing
vessels for operation in the Jones Act market. It possesses a
state-of-the-art shipbuilding facility and has earned a reputation as
the preferred provider of oceangoing merchant vessels with a track
record of delivering quality ships. Philly Shipyard is listed on the
Oslo Stock Exchange and is majority-owned by Aker Capital II AS, which
in turn is majority-owned by Aker ASA. Aker is a Norwegian industrial
investment company that creates value through active ownership. Aker's
investment portfolio is concentrated on key Norwegian industries that
are international in scope: oil and gas, fisheries and biotechnology,
and marine assets. Aker's industrial holdings comprise ownership
interests in Aker Solutions, Kvaerner, Det norske oljeselskap, Aker
BioMarine, Ocean Yield, Havfisk and Akastor.